The use of mobile payment apps and person-to-person (P2P) payments are more popular than ever, giving businesses and consumers the ability to send and receive money instantly. According to a recent study, the share of P2P payments made with mobile apps nearly doubled in one year, increasing from 15% in 2020 to 29% in 2021.
1 In response to the growing demand for these types of instant payments services, the Federal Reserve will be launching its own real-time, instant payments system called the FedNow Service (FedNow).
